Opalesque Industry Update - Managed futures gained 0.35% in September
according to the Barclay CTA Index compiled by BarclayHedge. Year-to-date, the
Index is down just 0.41%.

"Operation Twist in the US, sovereign debt uncertainty in Europe, and
potential slowing in China all conspired to keep volatility high and to drive
investors away from risk assets," says Sol Waksman, founder and president of
BarclayHedge.

Equity markets went into liquidation mode, bonds rallied, and commodity
prices sold off as investors started pricing in a double-dip recession.

Agricultural Traders lost 0.78% in September, Diversified Traders gave up 0.54%, and
Discretionary Traders slid 0.25%.

"Although the gains and losses on the index level were modest in September,
the actual performance among managers was widely dispersed" says Waksman.

The top performing manager returned 41 percent for the month, while the
bottom manager lost 44 percent.

After three quarters, the Barclay Agricultural Traders Index is up 3.23%,
Discretionary Traders have gained 2.72%, Financial & Metal Traders are up 1.48%, and
the Currency Traders Index has gained 1.10%.

On the losing side, Diversified Traders are down 0.96% after nine months, and
Systematic Traders have given up 0.63%.

The Barclay BTOP50 Index, which measures performance of the largest CTAs, gained
0.29% in September, but remains down 2.19% year-to-date.

(press release)

Sol Waksman is an experienced media source, providing perspectives on hedge fund and
managed futures trends. For more commentary or background, call 641-472-3456 or
email swaksman@barclayhedge.com.